Your Finances: Love and money both key factors in a relationship

I don't typically use the words "love" and "money" in the same sentence. But for anyone in a relationship, love and money are thoroughly intertwined.

Laura Medigovich

I don't typically use the words "love" and "money" in the same sentence. But for anyone in a relationship, love and money are thoroughly intertwined.

So, in celebration of Valentine's Day weekend, let's take a look at how to approach the conversation of finances with your new, significant other.

First of all, keep in mind that early discussions about money do not have to be robust. For instance, maybe you want to go on a romantic getaway for the weekend.

As you discuss the various destinations and options, eventually the conversation will likely turn to "How will we pay for it?"

If you want to take a deeper dive, you and your significant other can opt to take an online love-and-money quiz. One of my favorites is on a website sponsored by the National Endowment for Financial Education, an independent nonprofit foundation. The quiz is called "LifeValues," and can be found at smartaboutmoney.org under the "Tools & Resources" tab.

I've found that the 20-question quiz helps people uncover their inner social, physical and financial values. And best of all, there is no wrong answer or "correct" score. This quiz is designed to help you understand the underlying drivers of your financial decisions.

When you complete the quiz, you will receive a score for each of the four values and an interpretation of the score. The interpretation will help you understand how these four values might influence your financial decision making.

You and your significant other should each take the quiz separately, and then share and compare your results with one another.

As you discuss your differences and similarities, it is important to create a judgment-free, nonthreatening environment where both people feel safe exposing their tender underbellies.

The goal here is to better understand the different ways you each approach financial decisions. Just like the old adage "knowledge is power," this self-knowledge can give you the power of insight.

This insight can help you to understand the motivation behind your individual financial decisions.

As a couple, you can be empowered together to make changes so that going forward, your financial decisions are aligned with shared goals and values.

Money may not be a romantic topic, but it is an important part of building a life together. So, if your relationship is getting to that "next" level, why not start the discussion now?

Laura Medigovich is a certified financial planner and vice president for M&T Bank's Hudson Valley region. The views expressed by the author are her own and are not endorsed by M&T Bank, M&T Securities or their affiliates.